Posted by: Nathan M. | January 20, 2009

Israel’s New Weapon

clipped from www.businessweek.com

Israeli Gas Find Tips Energy Balance


A popular quip in Israel’s energy industry has it that when Moses left Egypt, he took a wrong turn on his way to the Promised Land: The Biblical figure should have veered right to Saudi Arabia rather than left to Israel, which has long been assumed to lack any petroleum reserves. Now it appears Moses might have had a better nose for energy than previously thought. On Jan. 18, just hours after a cease-fire began in the Gaza Strip, Israel announced the discovery of a major natural gas field off its northern Mediterranean coast.


The find, located 90 kilometers due west of the port of Haifa, is the first large field discovered in the eastern Mediterranean and is significant even by global standards. “This is one of the most significant prospects that we have ever tested, and appears to be the largest discovery in the company’s history,” says Charles Davidson, chairman and CEO of Houston-based Noble Energy (NBL), the U.S. partner in the consortium.

  blog it
This is nothing short of a God-send for Israel. Energy, as I have stated in previous posts, is the life-blood of the world and has become one of the most important resources to have access to for political power. The fact that Israel has found a natural gas deposit at such proportions means that Israel will be able to assert much more influence on world politics, and Israel will be much less reliant on the nations surrounding it that would be extremely gratified if they were able to see the fall of Israel. This find is going to have a massive impact on Israeli foreign relations, and it will also have a large impact on Euro-Israeli relations. In case you haven’t noticed, Europe isn’t very happy with their reliance on Russia for natural gas. If Israel is able to provide exports in natural gas, they will find a very willing consumer.
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